© SBM Offshore 2013. All rights reserved. www.sbmoffshore.com

General Presentation, November 2013

IR- 14/11/2013

Some of the statements contained

in this presentation that are not

historical facts are statements of

future expectations and other

forward-looking statements based

on management’s current views and

assumptions and involve known and

unknown risks and uncertainties that

could cause actual results,

performance, or events to differ

materially from those in such

statements. Such forward-looking

statements are subject to various

risks and uncertainties, which may

cause actual results and

performance of the Company’s

business to differ materially and

adversely from the forward-looking

statements.

Disclaimer

2

Should one or more of these risks or

uncertainties materialize, or should

underlying assumptions prove

incorrect, actual results may vary

materially from those described in

this presentation as anticipated,

believed, or expected. SBM

Offshore NV does not intend, and

does not assume any obligation, to

update any industry information or

forward-looking statements set forth

in this presentation to reflect

subsequent events or

circumstances.

Agenda Who we are, where we are

Emerging Opportunities Our Strategy

3

IR- 14/11/2013

No.1 FPSO Player Worldwide

4

Financials in US$ billion

2013 IFRS Revenue Guidance 4.3

Directional¹ Backlog (as of 09/30/2013) 24.4

Market Cap (as of 11/13/2013) 4.1

Performance YE2012

167 years of FPSO operation

99% Uptime

1 million barrels of throughput per day

5,460 Tanker Offloads

The Company

4 Execution Centres

10 Shore Bases

5 Representative Offices

9,660 Employees

Lease Fleet

16 FPSOs

2 FSOs

1 Semi Sub

1 MOPU

4 ¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting

IR- 14/11/2013

We Deliver Along the Full Product Lifecycle

5

Product Life Extension

Leader in FPSO relocation

World class after sales

Operations

160+ years of FPSO experience

99%+ production uptime

Largest international FPSO fleet

Installation

Dedicated fleet

Unparalleled experience

Extensive project capability

Construction

Strategic partnerships

Unrivalled project experience

Procurement

Integrated supply chain

Global efficiencies

Local sourcing

Engineering

50 years of industry firsts

Leading edge technology

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YTD Q3 2013 in Context

¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting 6

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H1 2013 Key Figures (in millions of US$)

7 *Restated for comparison purposes

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YTD Q3 2013 Key Figures (in millions of US$)

8 *Restated for comparison purposes ¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting

IR- 14/11/2013

• Continued strengthening of Balance Sheet post Rights

Issue

• No dividend over 2013

• Sale of non-core assets ongoing

• 2013 IFRS revenue guidance: at least US$4.3 billion

• US$3.3 billion in Turnkey

• US$1.0 billion in Lease & Operate

Q4 2013 Outlook

9

IR- 14/11/2013

FPSOs Cidade de Maricá &

Cidade de Saquarema

10 July 2013

• Generation 3 FPSOs

• Topside: 22,000 T

• Accelerated award process

• Delivery end 2015 and early 2016

Contracts executed

IR – 14/11/2013

IR- 14/11/2013

FPSO Stones

11

• 10 year lease contract

• Optional extensions up to 10 years

• World’s deepest disconnectable

FPSO; 2,896 meters in GOM

• Delivery date H1 2016

Contract executed

July 2013 IR – 14/11/2013

IR- 14/11/2013

US$18.7 bn

US$3.7 bn

Directional Backlog

12

Lease & Operate

Turnkey

US$22.4 bn

(as of June 30, 2013)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

H2 2013 2014 2015

in U

S$ b

n

Turnkey backlog: Directional¹ vs IFRS

Directional

IFRS

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

in U

S$ b

n

Lease & Operate backlog: Directional¹ vs IFRS

Directional

IFRS

¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting

IR- 14/11/2013

FPSO OSX 2

13

• Turnkey sale

• On time, on budget

• No further financial exposure

Delivered in September

July 2013 IR – 14/11/2013

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FPSO Cidade de Paraty

14

• 20 year lease contract

• On time, on budget

• More than 65% local content

• FPSO built in 34 months

In production H1 2013

July 2013 IR – 14/11/2013

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MOPU Deep Panuke

15

• Well gas on platform

• Partial day rate arrangement applies

• Final stages commissioning and

start-up

In production H2 2013

July 2013 IR – 14/11/2013

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Core Projects on Track

16

(ol) operating lease (fl) finance lease (t) turnkey Legacy Project In Progress/On Schedule Completed/On Hire

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SBM Lease Fleet Portfolio

17

L&O Portfolio Average Duration: 14.5 years

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• Termination of existing agreements and arbitration procedures

• Platform to be decommissioned by Talisman by 2016; transported

and scrapped by SBM Offshore

• All relevant costs have been provided for in 2012

• US$470 mln settlement contribution: Paid in full, March 2013

• Impact on P&L: US$200 mln charge in H2 2012 and US$270 mln

charge in H1 2013

Yme Resolution

18

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• 10% Rights Issue at €10.07 per share in April 2013

• 97.7% take-up by existing shareholders

• HAL at 13.5% shareholding following the Rights Issue and

December 2012 Private Placement

Recapitalisation

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• April 2012, the Company announced it had initiated an

internal investigation into potentially improper sales

practices

• This investigation is being carried out by outside counsel

and forensic accountants under our Chief Governance and

Compliance Officer

• In active dialogue with the relevant authorities

• Final outcome not expected by year end

Compliance

20

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Divestment Update

• Sale and lease back of Monaco real estate

• COOL™ hose technology sold

• SBM Installer sold for US$180 million cash

21 July 2013 IR – 14/11/2013

IR- 14/11/2013

FPSO N’Goma Project Financing

• US$600 mln project loan secured

• Maturity: 1 year pre completion / 7 years

post completion fully amortised term loan

• Weighted Average Cost of Debt: 4.7%

22

Q3 2013 Financing Obtained

January 2013 IR – 14/11/2013

Agenda Who we are, where we are

Emerging Opportunities Our Strategy

23

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Demand for New Production

Source: Morgan Stanley, IEA, Internal analysis

0

10

20

30

40

50

60

70

80

90

100

11 12 13e 14e 15e 16e 17e 18e

in m

illio

n b

arr

els

per

day

Demand Growth vs. Field Depletion

2011/12 Demand Existing Supply

Offsetting decline (5% depletion rate) Meeting demand growth

Spare capacity

24

Over 24 mln bbl/day

= 2 x 2012 Saudi

Arabia production

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• Deep and ultra-deep

water breakeven costs

are competitive

• Average SBM

Generation 3 FPSO

production costs are

below US$5/bbl

Oil Production Dynamics

25

Breakeven Oil Price

(IRR>10%)

Sources: IEA, CERA, Total, Goldman Sachs, Internal analysis

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• Offshore Growth

CAGR 2012-15E: +20%

• Ultra-deep Water Growth

CAGR 2012-15E: +38%

• Onshore Growth

CAGR 2012-15E: +7%

Capitalising on CAPEX

26 Source: Goldman Sachs

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2010 2011 2012 2013 E 2014 E 2015 E

in U

S$ m

ln

Global Upstream CAPEX (in US$ mln)

Total Onshore Deep water Ultra-deep water Other Offshore

IR- 14/11/2013

0

4,000

8,000

12,000

16,000

20,000

24,000

1995 2000 2005 2010 2015 2020

To

psid

es W

eig

ht (t

on

)

Year of first oil

Cd de Paraty

Capixaba

P 57

Mondo

Saxi

N’Goma

Cd de Ilhabela

Kikeh

Frade

BC 10 Aseng

Cd de Maricá Cd de Saquarema

Source: Internal analysis- September 2013

Kuito

Espadarte

Xikomba

Falcon Marlim Sul

Serpentina

Rang Dong

Brasil

Cachalote Cd de Anchieta Stones

27

Complexity Increasing

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Getting Complex

November 2012 1996 IR – 18/09/2013

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A Pedigree of Innovation

29

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0

1

2

3

4

5

6

7

0 50,000 100,000 150,000

Aw

ard

s w

on

Average production capacity (bbl/d) Engineering complexity

FPSO market 2010-2013 YTD Awards

Competitive Landscape

Source: Internal Analysis – November 2013

30

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FPSO Awards in Review

31

Source: Internal Analysis - August 2013

IR- 14/11/2013

FPSO Market Outlook

Field developments requiring FPSOs over the next 3 years

More than 50 FPSO project awards anticipated

SBM will focus on ~20 projects to obtain targeted share

Source: Internal Analysis - August 2013

32

Lease

Sale

Lease or Sale

5 1

2

Asia

3

1

Other

4

3

North America

8

4

5

Africa

14

2

2

South America

Agenda Who we are, where we are

Emerging Opportunities

Our Strategy

33

IR- 14/11/2013

FPSO

FPSO

FPSO

FPSO³

34

The Company has refocused its product line on core FPSO products and associated services.

By focusing on core products with historically good margins, whilst improving execution standards and project risk profiles, the Company believes it will return to delivering superior financial returns.

IR- 14/11/2013

Improving Risk/Reward Balance

35 IR – 18/09/2013

• Unsustainable historic industry returns

• SBM recent steps:

Discipline in tendering

Attractive niche position

Not a commodity product

Excellent operations (99% uptime)

January 2013

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2013 Restoring Pride

36

Closure of legacy

projects

Selective bidding

policy

Investment in

technological edge

Strengthened

balance sheet

Directional1 reporting

Reshaped organisation

Still in Transformation Process

¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting

© SBM Offshore 2013. All rights reserved. www.sbmoffshore.com

Appendix

IR- 14/11/2013

• SBM Offshore seeking to provide analysts and investors with clarity on

business performance above and beyond statutory IFRS disclosure

• SBM Offshore’s business model combines turnkey sales, construction and

lease and operate projects, making it a challenge to model

• IFRS finance lease accounting adds complexity by separating revenue

recognition from cash flows

• IFRS accelerates recognition of revenues, profit and equity well before any

rents are paid by client

• Increasing number of contracts classified as finance leases, with IASB

intention to make all leases finance leases

• In this context, SBM Offshore is extending its reporting to a non-GAAP

operating lease presentation in line with operating cash flows…

• …leading to increased transparency and understanding of SBM Offshore’s

performance…

• …through disclosure of Directional¹ Backlog and a Directional¹ Income

Statement as part of the Financial Review

Project Direction - Context

38 ¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting

IR- 14/11/2013

Operating Lease vs Finance Lease

39

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Operating Lease vs Finance Lease

40

IR- 14/11/2013

• Turnkey segment becomes a pure construction business. Revenue

and Gross Margin consist of:

• Direct sales contracts (FPSO OSX 2, Turrets for Prelude, Quad 204 and

Ichthys)

• Sales to JV partners (FPSO Cdd de Ilhabela, FPSO N’Goma, FPSO Cdd

de Maricá and Saquarema)

• Lease and Operate segment becomes a pure long term cash

business. Revenue and Gross Margin consist of SBM’s share of

Lease and Operate contracts (Bareboat + OPEX)

• 2013 transition period to promote Directional¹ Reporting as the main

indicator for company performance and variance analysis

• 2014 guidance to be based on Directional¹ results

Directional - The Way Forward

41 ¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting

IR- 14/11/2013

Financial Overview June 30, 2013

Turnkey P&L

(in millions of US$)

42

*Restated for comparison purposes

¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting

IFRS

• Revenue up 43% reflecting high activity

levels on FL contracts

• EBIT margin 14% vs 8% in H1 2012

(includes introduction POC method)

Directional¹

• Revenue up 29% reflecting high activity

levels

• EBIT margin 15% vs 7% in H1 2012

(includes introduction POC method)

IR- 14/11/2013

Financial Overview June 30, 2013

Lease & Operate P&L

(in millions of US$)

43

*Restated for comparison purposes

¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting

IFRS

• Revenue up 13%, mainly Anchieta

• EBIT affected by US$300 mln charges

(Yme, Deep Panuke)

• Underlying EBIT margin 31%

(H1 2012 34%)

Directional¹

• Revenue up 14%, mainly Anchieta

• EBIT affected by US$300 mln charges

(Yme, Deep Panuke)

• Underlying EBIT margin 28%

(H1 2012 31%)

IR- 14/11/2013

Financial Overview June 30, 2013

Group P&L

(in millions of US$)

*Restated for comparison purposes

44

• Directional¹ revenue up 24%

• US$270 mln charge for Yme settlement and US$30 mln Deep Panuke charge

• Directional¹ EBIT(excluding Yme and Deep Panuke charges) up 69%

¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting

IR- 14/11/2013

2013 Group Results

Group Ratios (in millions of US$)

45

*Restated for comparison purposes